South Korea bags $20bn deal for four nuclear power plants in UAE
28 Dec 2009
South Korea will build four nuclear power plants in the United Arab Emirates as part of a $20 billion agreement with the oil-rich Middle East country. This shall be South Korea's first nuclear power plant export deal.
According to news agency Yonhap, the agreement is expected to generate additional $20 billion contracts for South Korean companies.
The deal, which is the biggest ever contracted either by South Korea or the UAE, was signed by a consortium led by South Korea's state-run Korea Electric Power Corp and Emirates Nuclear Energy Corp, Yonhap said.
Under the deal, the South Korea-led consortium will build four 1,400 MW light water nuclear reactors by 2020 in Sila, some 330 Km (205 miles) west of the UAE capital.
According to the report, the consortium stole a march over the French nuclear group Areva SA and a consortium composed of the US firm General Electric Co and the Japanese firm Hitachi Ltd in its bid for the contract.
